For U.S. citizens living abroad, contributing to an IRA (if eligible) can be a smart financial move, particularly when residing in countries with lower tax rates. However, this strategy may be less beneficial for those in high-tax nations. This video illustrates the tax implications for U.S. expats living in two contrasting locations.
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In today’s Expat Chat we talk about the US Exit tax and how it affects Australians living in the United States https://lnkd.in/dDUYxaT2
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Receiving U.S. Social Security benefits while living abroad? ?? These benefits can impact your tax situation as an expat, potentially making them taxable on your U.S. return. Your total income and filing status play a crucial role in determining the taxability of these benefits. Need advice? Contact us today: https://lnkd.in/gxPP9N2 #TaxAdvice #SocialSecurity #ExpatLife #USTaxes #TaxPlanning
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What are the tax consequences for returning UK expats? Upon returning to the UK after residing abroad, you will typically be considered a UK resident again. As a result, you'll be required to pay UK tax on: your income and gains within the UK, and any foreign income and gains. However, if your permanent home (or "domicile") remains outside the UK, you may not have to pay tax on your foreign income and gains.
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What are the tax consequences for returning UK expats? Upon returning to the UK after residing abroad, you will typically be considered a UK resident again. As a result, you'll be required to pay UK tax on: your income and gains within the UK, and any foreign income and gains. However, if your permanent home (or "domicile") remains outside the UK, you may not have to pay tax on your foreign income and gains.
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If you’re returning to Canada after living abroad, don’t let taxes catch you off guard ???? Understanding the tax implications of moving back can save you from costly mistakes and help you make the most of tax credits and deductions available to returning Canadians. Whether you’ve been working abroad or holding investments in the U.S, understanding these tips will ensure a smooth financial transition and optimize your tax situation. If you’re a recent returnee or planning a move, feel free to send us a message so we can simplify these tips for you! #taxes #financialplanner #taxtips #financialfreedom
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As an American abroad, the IRS still wants to hear from you. Yes, even in beautiful NZ! The U.S. is one of the few countries that tax based on citizenship, not just residency. This means your worldwide income, including any earnings or investments in New Zealand, could be subject to U.S. taxation. ?? But fret not! There are provisions to prevent double taxation, like the Foreign Earned Income Exclusion and the Foreign Tax Credit. Plus, understanding how NZ's tax system works alongside the U.S. can help maximize your tax benefits. ?? Confused about filing U.S. taxes while enjoying life in NZ? That's where we step in. At U.S Tax Pros, we specialize in U.S. tax compliance for expatriates. Our goal is to keep your tax affairs smooth sailing so you can focus on enjoying everything New Zealand has to offer. Got questions or need assistance? Reach out to us for expert guidance tailored to American expats living in New Zealand. We're here to help you stay compliant and savvy with your taxes! www.ustaxpros.co.nz . . . #AmericanExpats #NZLiving #USTaxObligations #ExpatriateTax #FinancialGuidance
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The Harris and Trump platforms could greatly affect Canada in terms of inflation, labour and immigration. Our RSM Canada tax specialists examine the Canadian government’s potential tax policies in response to new U.S. policies in 2025: https://rsm.buzz/48tpA8t
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